Govt seeks to promote women entrepreneurs with all-women bank
Updated: Aug 08, 2013 01:19:04pm
New Delhi, Aug 8 (KNN) The Finance Ministry’s plan to set up an all women bank is likely to materialise this October and will be headed by Executive Director of Delhi-based Punjab National Bank, Usha Ananthasubramanian.
Having received RBI’s in-principle approval on June-27, the all-women bank is the first ever commercial bank to be floated by the Central Government. Headquartered in New Delhi, it is expected to have a pan-India presence, starting with six branches.
The Women’s bank will get 125 officers from public sector banks, sent on deputation to the Bharatiya Mahila Bank, the first woman-focused lender, according to a recent Finance Ministry circular.
The Finance Ministry however made it clear that although most of the officers would be taken at one level above in the women’s bank, their experience there would not be counted for promotions.
“GMs may also be taken on deputation from the deputy general managers (DGMs). However, it may be made clear that the experience of GMs, executive directors (EDs) and Chairman and Managing Director (CMD) on deputation will not be taken into account for respective promotion and higher level promotions,” the circular to public sector banks this week said.
Considering that the corporate office, including the treasury department of the bank would be located in Delhi, many of the officers on deputation would join there. While general managers would be taken at the same level, all others would be taken at the next higher level with salary and perks of that higher scale, although relaxation may be considered on a case to case basis.
According to reports, the central government will initially pump in Rs 1,000 crore as paid-up capital of the bank.
It was while he presented the budget on February 28 that the Finance Minister P Chidambaram proposed the setting up of the country’s first all-women bank. Thereafter, in March, a committee of bankers and other experts was appointed to prepare a blueprint for the all-women bank.
The bank will lend mostly to women and women-run businesses, provide support to women Self Help Groups (SHGs) and their livelihood. By doing so, it would address issues relating to gender, empowerment and financial inclusion. (KNN/ES)
Having received RBI’s in-principle approval on June-27, the all-women bank is the first ever commercial bank to be floated by the Central Government. Headquartered in New Delhi, it is expected to have a pan-India presence, starting with six branches.
The Women’s bank will get 125 officers from public sector banks, sent on deputation to the Bharatiya Mahila Bank, the first woman-focused lender, according to a recent Finance Ministry circular.
The Finance Ministry however made it clear that although most of the officers would be taken at one level above in the women’s bank, their experience there would not be counted for promotions.
“GMs may also be taken on deputation from the deputy general managers (DGMs). However, it may be made clear that the experience of GMs, executive directors (EDs) and Chairman and Managing Director (CMD) on deputation will not be taken into account for respective promotion and higher level promotions,” the circular to public sector banks this week said.
Considering that the corporate office, including the treasury department of the bank would be located in Delhi, many of the officers on deputation would join there. While general managers would be taken at the same level, all others would be taken at the next higher level with salary and perks of that higher scale, although relaxation may be considered on a case to case basis.
According to reports, the central government will initially pump in Rs 1,000 crore as paid-up capital of the bank.
It was while he presented the budget on February 28 that the Finance Minister P Chidambaram proposed the setting up of the country’s first all-women bank. Thereafter, in March, a committee of bankers and other experts was appointed to prepare a blueprint for the all-women bank.
The bank will lend mostly to women and women-run businesses, provide support to women Self Help Groups (SHGs) and their livelihood. By doing so, it would address issues relating to gender, empowerment and financial inclusion. (KNN/ES)
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